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REBNY Report NYC Residential Sales Market Steams Up 4Q 2014

--Prices heighten year-over-year, most notably in Manhattan and Brooklyn, as sales volume eases--

The heat turned up on New York City’s residential sales market in the fourth quarter of 2014 as sales prices for homes Citywide posted significant gains. Although sales volume eased year-over-year, continued healthy activity capped off a year of marked improvement, according to the Real Estate Board of New York’s (REBNY) Fourth Quarter Residential Sales Report, New York City’s only five-borough report, released today.

The average sales price of a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City increased 11 percent from $760,000 in the fourth quarter of 2013 to $841,000. This climb was driven by large price increases concentrated in Manhattan and Brooklyn.

Manhattan condos saw the biggest price gains this quarter as the average price rose 37 percent to $2.3 million year-over-year. Factors that played a role in this large average price increase included the sales of nine condos, each over $20 million, which closed at 157 West 57th Street during the fourth quarter of 2014.

The Brooklyn condo market also saw an average price increase of 13 percent to $781,000 in the fourth quarter of 2014, while the average sales price for a one-to-three family home in Brooklyn climbed 17 percent to $805,000.

“Sales prices, particularly in Manhattan and Brooklyn, are continuing to achieve all-time highs as sales velocity has started to level off,” said Steve Spinola, President of REBNY. “Overall, it has been a strong year of activity with price increases across property types in all boroughs due to buyer confidence as the economy continues to grow.”

The total number of homes sold during the fourth quarter was 11,699, an eight percent decrease from last year. The number of Manhattan condos sold in the fourth quarter declined 11 percent, while the number of Brooklyn condos decreased 10 percent. Similarly, the number of one-to-three family homes in Brooklyn fell by 7 percent. These percentage declines were from a strong fourth quarter in 2013.

The total consideration for all residential sales in New York City during the fourth quarter of 2014 was $9.8 billion, a two percent increase from the fourth quarter of last year. Total consideration for Manhattan increased one percent to $5.3 billion, while total consideration for Brooklyn increased 4.3 percent to $1.9 billion year-over-year.

REBNY’s Fourth Quarter 2014 Residential Sales by Neighborhood:

Manhattan neighborhoods with the most home sales this quarter were: the Upper East Side (692 sales), the Upper West Side (564), Gramercy/Kips Bay (269), Midtown East (247), Midtown West (210), and Chelsea/Flatiron (146).